Optimal Quality Usage

Svetlozar T. Rachev, Lev B. Klebanov, Stoyan V. Stoyanov and Frank J. Fabozzi
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Svetlozar T. Rachev: Stony Brook University, Department of Applied Mathematics and Statistics College of Business
Lev B. Klebanov: Charles University, Department of Probability and Statistics
Stoyan V. Stoyanov: EDHEC Business School EDHEC-Risk Institute
Frank J. Fabozzi: EDHEC Business School EDHEC-Risk Institute

Chapter Chapter 14 in The Methods of Distances in the Theory of Probability and Statistics, 2013, pp 317-331 from Springer

Abstract: Abstract In this chapter, we discuss the problem of optimal quality usage as a multidimensional Monge–Kantorovich problem. We begin by stating and interpreting the one-dimensional and the multidimensional problems. We provide conditions for optimality and weak optimality in the multivariate case for particular choices of the cost function. Finally, we derive an upper bound for the minimal total losses for a special choice of the cost function and compare it to the upper bound involving the first difference pseudomoment.

Keywords: Cost Function; Loss Function; Dual Representation; Optimal Plan; Distribution Plan (search for similar items in EconPapers)
Date: 2013
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-1-4614-4869-3_14

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DOI: 10.1007/978-1-4614-4869-3_14

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